Core Viewpoint - The announcement of the share-swap merger between China International Capital Corporation (CICC), Dongxing Securities, and Xinda Securities marks a significant development in the brokerage industry, indicating a new phase of consolidation in response to national financial policies [1] Group 1: Merger Details - CICC officially announced the share-swap merger plan on December 17, with a share-swap price of 36.91 yuan per share for CICC, 16.14 yuan for Dongxing, and 19.15 yuan for Xinda, with swap ratios of 1:0.4373 and 1:0.5188 respectively [1] - CICC is expected to issue approximately 3.096 billion new A-shares as part of the merger [1] Group 2: Business Expansion - Post-merger, CICC's number of business outlets will increase from 245 to 436, elevating its ranking to third in the industry for outlet numbers, significantly expanding its retail network [1] - The merger is anticipated to create synergies, particularly in the area of non-performing asset disposal, by combining CICC's investment banking and international advantages with the regional market foundations of Dongxing and Xinda [1] Group 3: Financial Strength and Market Position - The total assets of the merged CICC are expected to exceed 1 trillion yuan, establishing a balanced business structure between institutional and retail operations, thereby enhancing its counter-cyclical capabilities [1] - The merger aligns with the policy direction of accelerating the construction of a strong financial nation, with major shareholders committing to lock in their shares for 36 months, reflecting confidence in the merger's prospects [1]

花旗发表研究报告指，中金公司计划以换股吸收方式合并东兴证券及信达证券。中金拟发行近31亿股A 股，每股东兴A股可换取0.4373股中金A股；每股信达A股可换取0.5188股中金A股。该行指出，虽然换 股并购令中金2026财年的每股盈利及每股净值分别稀释21%和13%，然而，由于合并有助于解除中金的 资本限制，通过扩大市场份额产生协同效应，并提高成为大型券商的机会，从而受惠于潜在的资本放松 与新业务试点计划，因此相信市场对合并的反应正面。花旗表示，由于供给侧加快推进改革，预期其他 券商的股价亦将上扬，或可稳定收费率并提升潜在股东权益回报率(ROE)。 ...

Vi e w p o i n t | 17 Dec 2025 14:44:29 ET │ 14 pages China Brokers Our take on CICC and Dongxing/Cinda Securities merger details; Implications for China brokers CITI'S TAKE On 17-Dec-2025, CICC announced details on its merger plan with Dongxing/Cinda Securities, whose shareholders are offered to swap their shares with CICC's newly issued A-shares at a ratio of 1:0.4373/0.5188. Swap price of Rmb16.14/Rmb19.15 for Dongxing/Cinda Securities translates to 23%/8% premium vs. spot price while CICC-A's swap price ...

合并后，中金公司将成为行业第四家总资产跨入"万亿俱乐部"的券商。业内人士普遍认为，中金公司合 并东兴证券、信达证券，正是剑指国际一流投行建设的决心体现。 然而，规模跃升只是表象。有非银分析师指出，此次合并的关键逻辑并非简单的资产叠加，而是资源与 能力的结构性互补。在业内人士看来，中金公司在资本运用、财富管理、跨境业务等方面的领先优势， 将与东兴、信达在区域网络、特殊资产投行等领域的布局形成协同，强化竞争优势。 备受市场瞩目的中金公司吸收合并东兴证券、信达证券，迎来重要进展。 12月17日，上述三家上市券商齐发公告：每股东兴证券、信达证券能换取中金公司股票的比例，分别确 定为1:0.4373、1:0.5188。此外，三家公司股票于12月18日复牌。 定价细节明确，交易提升核心竞争力 11月19日，中金公司公告筹划重大资产重组，拟同时吸收合并东兴证券、信达证券，预计停牌时间不超 过25个交易日。如今备受关注的合并预案方案终于出台，要早于原预计复牌时间。 根据公告，中金公司拟通过向东兴证券全体A股换股股东发行A股股票、向信达证券全体A股换股股东 发行A股股票的方式，换股吸收合并东兴证券、信达证券。 其中，中金公司换 ...

Core Viewpoint - The securities sector experienced a decline on December 18, with related indices showing a drop of 0.8% as of the report time [1]. Market Performance - The broker index opened at 11,415.07 and closed at 11,321.83, reflecting a decrease of 90.82 points or 0.80% [2]. - The trading volume reached 13 billion, with a turnover of 8.6 billion [2]. - The highest price recorded was 11,426.34, while the lowest was 11,306.22 [2]. Individual Stock Movements - China International Capital Corporation (CICC) and Xinda Securities saw their gains narrow to below 5%, after initially opening at the daily limit and nearly 7% higher, respectively [2]. - Dongxing Securities led the gainers with a price of 14.44, reflecting a rise of 9.98% [3]. - Xinda Securities and CICC reported increases of 4.89% and 4.84%, respectively [3]. - On the downside, Zhongyin Securities fell over 4%, with other firms like CITIC Securities, Huatai Securities, and China Galaxy also experiencing declines [4].

（文章来源：每日经济新闻） 每经AI快讯，12月18日，证券板块高开低走，中金公司、信达证券涨幅收窄至5%，中银证券跌超3%， 中信建投、华泰证券跟跌。 ...

Core Viewpoint - The recent merger and acquisition activities in the securities industry, particularly the absorption of Dongxing Securities and Xinda Securities by China International Capital Corporation (CICC), are expected to enhance industry concentration and improve the competitive landscape, potentially leading to valuation recovery for the sector [2][4][5]. Group 1: Market Reactions and Stock Performance - The majority of the index component stocks for the Securities ETF Leader (560090) experienced a pullback, with Dongxing Securities and CICC hitting the daily limit up, while Xinda Securities rose over 6% [2]. - As of 9:35 AM, the top-performing stocks included Dongxing Securities with a 9.98% increase and CICC with a 6.76% increase, while other stocks like Oriental Fortune and CITIC Securities saw slight declines [3]. Group 2: Merger and Acquisition Details - The merger plan indicates that each share of Dongxing Securities and Xinda Securities will be exchanged for CICC shares at ratios of 1:0.4373 and 1:0.5188, respectively, with trading resuming on December 18 [3]. - Following the merger, CICC is projected to become the fourth brokerage firm in the "trillion club" in terms of total assets [3]. Group 3: Industry Trends and Future Outlook - The securities industry is entering its fifth wave of mergers and acquisitions, with significant cases involving both leading and smaller brokerages, which are expected to continue into 2025 [4]. - The government has set strategic goals for the securities industry, aiming to develop 2 to 3 investment banks with international competitiveness over the next decade, which supports the ongoing trend of mergers and acquisitions among leading brokerages [5]. - The combination of policy support and market demand is anticipated to drive the securities sector's recovery, with a focus on enhancing the competitive edge of leading firms through strategic mergers [6][14]. Group 4: Financial Performance and Valuation - The financial performance of listed brokerages has shown significant improvement, with a 63.4% year-on-year increase in net profit for the first three quarters, and a 25.5% quarter-on-quarter increase in Q3 [8]. - Despite strong earnings growth, the valuation of the securities sector remains low, with the securities company index rising only 3% year-to-date, compared to a 15% increase in the Shanghai Composite Index [10]. - The current price-to-book ratio of 1.5 indicates that the sector is undervalued, presenting potential investment opportunities [10][13].

Market Overview - A-share indices showed divergence, with the Shanghai Composite Index turning positive while the ChiNext Index fell by 0.91% [1] - The Hong Kong market opened lower, with the Hang Seng Index down 0.54% and the Hang Seng Tech Index down 1.11% [1][5] - Domestic commodity futures opened mostly higher, with coking coal rising by 4.61% and palladium by 4.55% [1][7] Company News - China International Capital Corporation (CICC) plans to absorb and merge Dongxing Securities and Xinda Securities through a share swap, with CICC's shares hitting the daily limit up and Dongxing Securities also reaching the limit up [1][4] - Xinda Securities saw an increase of nearly 7% following the merger announcement [1][4] Index Performance - The Shanghai Composite Index opened at 3,857.26 points, down 0.34% [5] - The Shenzhen Component Index opened at 13,112.61 points, down 0.85% [5] - The ChiNext Index opened at 3,138.66 points, down 1.17% [5] Bond Market - The 30-year Treasury futures contract rose by 0.21% to 112.220 yuan, while the 10-year contract fell by 0.01% to 107.990 yuan [1][4]

格隆汇12月18日｜A股开盘，三大指数集体低开，沪指跌0.34%报3857.26点，深证成指跌0.85%，创业 板指跌1.17%。中金公司、东兴证券(601198)复牌后涨停，信达证券高开近7%。 ...

股票频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 昨晚，中金公司公告称，公司与东兴证券、信达证券正在筹划由中金公司通过换股方式吸收合并东兴证 券、信达证券。与此同时，此次中金合并东兴证券、信达证券预案也浮出水面。中金公司的A股换股价 格为36.91元/股，东兴证券的A股换股价格为16.14元/股，信达证券的A股换股价格为19.15元/股。根据 上述价格，东兴证券、信达证券与中金公司A股的换股比例分别为1:0.4373、1:0.5188。 12月18日，中金公司在停牌20个交易日之后，披露吸收合并东兴证券、信达证券预案。A股市场东兴证 券复牌涨停；中金公司复牌一度涨停，目前涨幅收窄至6%；信达证券复牌一度涨超8%，目前涨幅在6% 以内跌。 ...